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11-10-2011 03:30 AM
11-10-2011 10:45 AM
I'd stick with what you have. I'd focus on repair and once wrapped up, then re-evaluate and add another at a later date. This will give you a higher score, a longer history, and set you up for higher CLs and unsecured cards in the future.
11-10-2011 01:08 PM
We are working with 3 secured cards and going to have to start "gardening" for the long haul of at least 6-7 months. We lived on the cash system for too many years, now we need a car and we cannot get one because we have no FICO score. Who knew?
Anyway, its seems (to me) that this is all a very SLOW process but, hopefully, by this time next year we can say it will have been worth it all.
My best to you!
11-10-2011 01:34 PM
11-10-2011 01:48 PM
We got secured cards through Capital One, USAA Bank (you have to be, or have been, in the military for USAA Bank's secured cards) and US Bank. I will warn you upfront something that I wish I'd known from the start --- getting secured cards takes FOREVER!!! For whatever reason, the process for issuing a secured card is the slowest thing I have ever seen. They take forever to arrive in the mail, they take forever to post to the Credit Bureaus, and then, when you pay them -- the posting of your payments can take up to 3 days. The ONLY thing quick is that, within seconds, an inquiry will be posted on your credit reports with Equifax, Experian and Transunion.
But -- you gotta do what you gotta do!
I wish you the best.
11-10-2011 02:38 PM
i have never had to have a secured card....
What is the benefit compared to an unsecured?